Remodeled Triplex With Updated
For Sale
$465,000
1609 Lundy Ln Sw, Albuquerque, NM 87105
Three residential units offer varied layouts, recent improvements, and parking for two or more vehicles per unit.
Property Size2,766 SF
Lot Size0.28 Acres
Price / SF$168.11
Days on Market56
Property Features for 1609 Lundy Ln Sw
General Information
Standard status
Active
Size
2,766 SF
Lot size
0.28 Acres
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,465
Listing Agency:
EXP Realty LLC
(505) 550-5594
Listed By:
Rafael De La Fuente · License #54000
(505) 550-5594
Source:
Exprealty
Added: Jul 5
Changed: Aug 24
Last Checked: Aug 28 at 5:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty LLC
Investment Insights
Based on property information with market context.
This triplex at 1609 Lundy Ln SW includes three residential units on a 0.28-acre lot. Unit C provides 3 BR, 1 bath, and approximately 1,300 SF, while Units A and B each offer 2 BR, 1 bath, and approximately 733 SF. The property has undergone extensive remodeling, with updated systems, newer appliances, and new windows in Unit C.
The roof was replaced 2 years ago, adding a recent major improvement to the property. Each unit includes parking for two or more vehicles, supporting the practical needs of the residents. The combination of three distinct floor plans, a spacious lot, and completed updates gives the property a flexible multifamily configuration.
The roof was replaced 2 years ago, adding a recent major improvement to the property. Each unit includes parking for two or more vehicles, supporting the practical needs of the residents. The combination of three distinct floor plans, a spacious lot, and completed updates gives the property a flexible multifamily configuration.
Key Highlights
- Triplex on a 0.28‑acre lot at 1609 Lundy Ln SW
- Unit C: 3 BR, 1 bath, approx 1, 300 sf
- Units A and B: 2 BR, 1 bath, approx 733 sf each
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,071
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$501,420
$501.4K
Cap Rate 7%
$358,157
$358.2K
Cap Rate 9%
$278,567
$278.6K
Market Conditions
NOI Build-Up for 2,766 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$38.2K $13.80/SF
− Vacancy
−$2.4K −$0.85/SF
EGI
$35.8K $12.95/SF
− OpEx
−$10.7K −$3.88/SF
NOI
$25.1K $9.06/SF
Area
ZIP 87105
Vacancy
6.17%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$501,420
Cap Rate 7%
$358,157
Cap Rate 9%
$278,567
Alternative Uses
Best Use
Multifamily LT 5
$358.2K
$313.4K – $417.9K
NOI $25,071 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$329.2K
$288.0K – $384.1K
NOI $23,043 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$603.5K
$528.1K – $704.1K
NOI $42,247 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 87105, NM
54,151
Population
20,263
Households
2.7
Avg Household Size
39
Median Age
16%
College-Educated
80%
High-School Grad
40.2 sq mi
ZIP Area
1,347
Density / Sq Mi
$49,928
Median Household Income
$32,490
Median Earnings
$972
Median Rent
$200,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer varied layouts, recent improvements, and parking for two or more vehicles per unit.
Where is this triplex located?
The property is located at 1609 Lundy Ln Sw Albuquerque, NM.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Triplex on a 0.28‑acre lot at 1609 Lundy Ln SW; Unit C: 3 BR, 1 bath, approx 1, 300 sf; Units A and B: 2 BR, 1 bath, approx 733 sf each
